CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $6.1 million CMBS loan, secured by a retail property located in Oak Hill, WV. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their property.
As the defeasance consultant, Waterstone managed the activities of the numerous parties involved with the transaction in order to meet the borrower’s closing schedule. Parties associated with a defeasance transaction typically include the servicer, servicer’s counsel, borrower, borrower’s counsel, securities broker, custodian, accountant, rating agencies, and the successor borrower.
“The sale of the client’s retail property in West Virginia drove the transaction. Borrower’s counsel worked with Waterstone on a previous transaction and due to the ease of the closing suggested this borrower work with us as well. We are grateful for the opportunity and look forward to working with them again soon.”– Carol Tillman, COO with Waterstone
“This was a smooth and timely closing executed by Waterstone. They were efficient, very knowledgeable of the process and kept an open line of communication with all of the necessary parties.” – Don K., Borrower
About Waterstone Defeasance
Waterstone Defeasance, LLC is an independent consulting firm specializing in assisting commercial real estate borrowers through the defeasance process. Since 2005, Waterstone has assisted owners and their advisors achieve the lowest possible defeasance costs. Waterstone has developed an industry-leading online defeasance calculator so clients can get a quick defeasance estimate on their website (defeasanceservices.com). Headquartered in Charlotte, North Carolina, the company also has offices in New York, Dallas, and Irvine.
Please contact us today with any questions regarding defeasance or to request a quote.